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Multiple equilibria in Lucas (1990)'s optimal capital taxation model with endogenous learning

Li, Fanghui and Wang, Gaowang (2019): Multiple equilibria in Lucas (1990)'s optimal capital taxation model with endogenous learning.

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Abstract

In the paper we solve the general case of the Lucas (1990) optimal capital taxation model with endogenous growth driven by endogenous learning. We prove Lucas (1990)'s conjecture on zero limiting capital tax and display the possibility of multiple equilibria (i.e., multiple BGPs) in the model.

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